COST ESTIMATION
ABSTRACT :
Construction cost estimating is the process of forecasting the cost of building a physical structure. Of course, builders and clients both worry about the financial impact of cost overruns and failing to complete a project. That’s why they devote time and effort to estimating how much a project will cost before deciding to move forward with it. Clients considering large projects often seek multiple cost estimates, including those prepared by contractors and those calculated by independent estimators.
Project owners use cost estimates to determine a project’s scope and feasibility and to allocate budgets. Contractors use them when deciding whether to bid on a project. You usually prepare estimates with the input of architects and engineers to ensure that a project meets financial feasibility and scope requirements.
A good cost estimate prevents the builder from losing money and helps the customer avoid overpaying. It’s a core component of earned value management, a project management technique that tracks a project’s performance against the total time and cost estimate.
A Construction Cost Estimates Perspective on Building Systems :
Creating a cost estimate for a project as complicated as a building calls for a systematic way of enumerating costs. To simplify the process, cost estimators may use the Uniformat system of viewing a building as a set of seven functional divisions. These are:
The RS Means Square Foot Costs Book, which compiles building cost data according to these divisions, is a widely used resource for developing cost estimates based on costs per square foot.
METHODOLOGIES :
STEPS TO FOLLOW :
BLOCK DIAGRAM :
CONCLUSION :
The objective of an estimate was to provide the most realistic prediction of cost and time, no matter at what stage the estimate was undertaken. To realize this objective there is a fundamental need for relevant data. The main problem areas in estimating relate to difficulties with access to data and with the methodology for the manipulation of data, particularly at the early stages of a project. This is important because early estimates tend to shape the perceptions of a project.
FUTURE SCOPE :
We May also include Artificial Intelligence/ Machine Learning Algorithms for the estimation of the cost. the problem for developing this is collecting data as data is very important for the algorithms. collecting data is very hard as there are no helpful sources to get the data. Using the machine learning algorithms will produce us accurate results.
REFERENCES :
Recommended by LinkedIn
USER STORIES :
As a parent, I want a house big enough for my kids to play. I need a fair cost estimation for the overall construction.
As a Doctor, I want to built a super Speciality Hospital, which holds the special equipment and rooms for multiple patients.
As a chancellor, I want to built a new campus with low cost, so that all students can study in free place.
As a contractor I need a estimator to estimate the exact and fair price for the construction to proceed.
As a government contractor I need a estimation of overall price to complete the Government Project.
As a Admin, I would need to update the back-end data periodically so that the estimation cost is predicted accurately
As Admin , I need a interface that any user can easily access.
As Admin , I need to the details of the every user that logged in and using the website.
As a School Principle, I need the fair and reasonable cost estimation to construct the school that gives a freindly environment.
TEAM MEMBERS :
190030316 - Ch. Rajinikanth (Lead)
190031114 - M . Yogesh
190031820 - K.Naga Hanuma